RadioShack shares up on iPhone announcement

Shares of RadioShack Corp.’s stock jumped Nov. 9 following an announcement the retailer would begin selling Apple Inc.’s iPhone later this month in selected stores.

Shares of the retailer were up 14.4 percent to $20.24 cents at midday on Nov. 9. Several analysts also upgraded the stock on the announcement from Fort Worth-based electronics retailer.

On Nov. 9, RadioShack said the company, recently dubbed The Shack in nationwide marketing materials, would introduce the Apple iPhone 3G and iPhone 3GS in a limited number of company-owned stores in the Dallas-Fort Worth and New York City metropolitan areas later this month. The retailer also announced it expected to roll out sales nationwide in 2010.

rfrancis@bizpress.net